Actuate Therapeutics (ACTU) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing therapies for difficult-to-treat cancers by inhibiting glycogen synthase kinase-3 (GSK-3).

• Lead product, elraglusib, is an ATP-competitive small molecule targeting GSK-3β, with potential applications across multiple cancer types.

• Pipeline includes intravenous and oral formulations, with ongoing trials in metastatic pancreatic cancer and pediatric malignancies.

• Operates as a semi-virtual company, leveraging third-party partnerships for manufacturing and research.

Financial performance and metrics

• Net loss of $24.7 million in 2023 and $8.3 million for the three months ended March 31, 2024.

• Accumulated deficit of $113.4 million as of March 31, 2024.

• Cash and cash equivalents of $2.1 million and a working capital deficit of $12.5 million as of March 31, 2024.

• No revenue generated to date; operations funded primarily through equity and convertible note financings.

Use of proceeds and capital allocation

• Estimated net proceeds of $45.1 million from the IPO, or $52.0 million if the over-allotment is exercised, based on a $9.00 per share price.

• Proceeds prioritized for completion of ongoing Phase 2 mPDAC trial, pediatric Ewing sarcoma trial, investigator-initiated studies, Phase 1 oral tablet study, and Phase 2 melanoma study.

• Additional funds allocated to satisfy licensing obligations, working capital, and general corporate purposes.

• Proceeds expected to fund operations for at least 18 months.